Sri Lanka: government acquires KKS Cement

Sri Lanka: government acquires KKS Cement
26 November 2014

Lanka Cement Plc, a subsidiary of Sri Lanka Cement Corp, announced that the Defence Ministry has taken measures to acquire the property of Lanka Cement PLC located at Kankesanthurai, Jaffna, Sri Lanka.

This includes land to the extent of 104 acres and buildings. Due to the acquisition Lanka Cement has requested compensation for land and building from the Ministry of Defence.

Kankesanthurai Cement was created in 2011 out of the merger of the debt-ridden government-owned Sri Lanka Cement Corporation and Lanka Cement Ltd as the government sought to develop the plant and seek local partners. In 2013, Sri Lanka Cement Corp announced its plans to revamp the Kankesan cement plant in a LKR1500m (US$11.4m) project. The 0.76Mta factory had not been operational since June 1990 due to the security situation in the north.

Published under Cement News